Peter has adjusted gross income of $48,000 in the current year. He contributes$27,000 to his church and $6,000 to a private non-operating foundation. What isthe amount of Peter's charitable contribution deduction, and the amount andcharacter to be carried over assuming no elections to disregard percentage limits?$21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $6,000$17,700 Deduction; Carryover Character 50% - $13,500. 30% - $4,200$33,000 Deduction if his church was adversely affected by the coronaviruspandemic.$24,000 Deduction; Carryover Character 50% - $3,000. 30% - $6,000O $21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $0

Deductions: Deductions are the certain amount of exemptions provided on the taxpayer's adjusted…

Answered: Peter has adjusted gross income of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.
Mike (a single taxpayer ) paid $12,000 of medical expenses in 2022. His AGI in 2022 was $70,000 . His other itemized deductions (charitable contributions) were $12,900. Mike is reimbursed $8,000 for these medical expenses in 2023. What amount of the $8,000 refund is taxable in 2023?
Jane and Ed Rochester who are filing Married Filing Jointly are married with a 2-year-old child, who lives with them and whom they support financially. They normally take the standard deduction. What would be the 2023 Gross Income if Ed and Jane realized the following items of income and expense: Ed's Salary $ 35,000 Jane's Salary $100,000 Municipal bond interest income $400 Capital Loss on Investments of ($5,000) Ordinary Dividends $2500 Standard Deduction $27,700 Real property tax (from AGI) $10,000 Charitable contributions (from AGI) $7,000 $134,500 O $132,500 $122,500 $106,800
TODICHT Charitable Contributions (LO 5.9) JI Hartley, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church. Hartley does not itemize deductions. What is the nature of any deduction for these items for Hartley in 2023? Since Hartley does not itemize, she is entitled to a $ deduction for cash contributions in 2023.
Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?
17. Noah gave $750 to a good friend whose house was destroyed by an earthquake. In addition, Noah contributed his time, valued at $250, in the cleanup effort. What’s amount of charitable deduction may Noah claim on his tax return for the current year, if his AGI is $80,000.
Ms. Zhao has $200,000 private activity municipal bond interest income from The City of Indianapolis. Ms. Zhao's only other income for the year is her $600,000 salary and Mr. Zhao has a $400,000 salary. Furthermore, both Ms. and Mr. Zhao, married, are 50 years old, file a joint return, have no dependents, and have $27,000 itemized deductions. Compute the Zhao's tentative minimum tax for the current year.
Robin, a C corporation, had revenues of $417,500 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $10,000 dividend-received deduction. Robin donated $50,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction A. $34,250 B. $35,250 C. $36,250 D. $50,000 17. A nonliquidating distribution from a C corporation may be treated by the shareholder as each of the following except A. Ordinary income. B. Nontaxable return of capital. C. Capital gain. D. Capital loss 23.A C corporation had accumulated negative earnings and profits (E&P) of $15,000 at the beginning of Year 4. Year 4's current E&P is $10,000. On the last day of Year 4, the corporation made a $12,500 cash distribution to its shareholders. Assuming the shareholders have sufficient basis, what amount of the distribution is reported as a nontaxable return of…
1. Charles, who is single and age 61, had AGI of $400,000 during 2022. He incurred the following expenses and losses during the year. Medical expenses before AGI floor State and local income taxes Real estate taxes Home mortgage interest Charitable contributions Unreimbursed employee expenses Gambling losses (Charles had $7,400 of gambling income) Compute Charles's total itemized deductions for the year. $28,500 15,200 4,400 5,400 14,800 8,900 9,800
Michele Walsh is considering an additional charitable contribution of $4,200 to a tax-deductible charity, bringing her total itemized deductions to $12,500. If Michele is single, is in a 35 percent tax bracket, and is not subject to a phase out of deductions, how much will this $4,200 contribution reduce her taxes? (Round your answer to the nearest whole number.) Multiple Choice $1,595 $4,375 $4,200 $1,470 $0
LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. A cash gift of $95,000. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…
This year, Dottie donated $15,000 in cash to her church and she also donated medical supplies with a fair market value and adjusted basis of $20,000 to the Red Cross. Dottie’s AGI for this year is $50,000. What is Dottie’s charitable income tax contribution deduction for the year? $35,000 $30,000 $25,000 $20,000

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